Norwest Venture Partners X L P maintained its position in LendingClub Corp (NYSE:LC) during the first quarter, Holdings Channel reports. The firm owned 12,822,020 shares of the credit services provider’s stock at the end of the first quarter. LendingClub Corp accounts for about 56.8% of Norwest Venture Partners X L P’s portfolio, making the stock its largest position. Norwest Venture Partners X L P owned about 3.20% of LendingClub Corp worth $70,393,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of LC. Morgan Stanley raised its stake in shares of LendingClub Corp by 73.6% in the third quarter. Morgan Stanley now owns 14,389,243 shares of the credit services provider’s stock valued at $88,926,000 after buying an additional 6,099,557 shares during the period. Fred Alger Management Inc. raised its stake in shares of LendingClub Corp by 70.8% in the fourth quarter. Fred Alger Management Inc. now owns 12,453,876 shares of the credit services provider’s stock valued at $65,383,000 after buying an additional 5,161,479 shares during the period. Credit Suisse AG raised its stake in shares of LendingClub Corp by 14.2% in the third quarter. Credit Suisse AG now owns 10,909,467 shares of the credit services provider’s stock valued at $67,421,000 after buying an additional 1,353,114 shares during the period. BlackRock Fund Advisors raised its stake in shares of LendingClub Corp by 9.2% in the third quarter. BlackRock Fund Advisors now owns 8,958,584 shares of the credit services provider’s stock valued at $55,364,000 after buying an additional 752,421 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of LendingClub Corp by 26.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 8,083,823 shares of the credit services provider’s stock valued at $49,958,000 after buying an additional 1,673,556 shares during the period. Institutional investors and hedge funds own 80.27% of the company’s stock.
Shares of LendingClub Corp (NYSE:LC) traded up 1.40% during trading on Thursday, hitting $5.80. The stock had a trading volume of 8,918,059 shares. The company’s market cap is $2.32 billion. The stock’s 50-day moving average price is $5.34 and its 200-day moving average price is $5.57. LendingClub Corp has a one year low of $3.44 and a one year high of $8.41.
LendingClub Corp (NYSE:LC) last announced its quarterly earnings results on Tuesday, February 14th. The credit services provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01. The business had revenue of $129.20 million for the quarter, compared to the consensus estimate of $121.84 million. LendingClub Corp had a negative return on equity of 6.68% and a negative net margin of 21.75%. The business’s revenue was down 3.9% on a year-over-year basis. During the same quarter last year, the business posted $0.05 EPS. On average, equities research analysts forecast that LendingClub Corp will post $0.05 EPS for the current fiscal year.
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Several analysts recently issued reports on LC shares. Guggenheim upgraded shares of LendingClub Corp from a “neutral” rating to a “buy” rating and set a $7.00 price objective on the stock in a report on Thursday, March 16th. Wedbush raised LendingClub Corp from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $4.50 to $5.00 in a research report on Wednesday, March 22nd. Zacks Investment Research raised LendingClub Corp from a “hold” rating to a “buy” rating and set a $6.25 target price for the company in a research report on Tuesday, January 10th. Canaccord Genuity reaffirmed a “hold” rating and issued a $7.00 target price on shares of LendingClub Corp in a research report on Tuesday, January 3rd. Finally, BTIG Research reaffirmed a “buy” rating and issued a $9.00 target price on shares of LendingClub Corp in a research report on Thursday, February 16th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. LendingClub Corp currently has a consensus rating of “Hold” and a consensus price target of $6.04.
In related news, insider Sandeep Bhandari sold 8,898 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $5.66, for a total value of $50,362.68. Following the sale, the insider now owns 49,959 shares of the company’s stock, valued at approximately $282,767.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Sameer Gulati sold 6,921 shares of the firm’s stock in a transaction that occurred on Thursday, January 26th. The stock was sold at an average price of $6.07, for a total value of $42,010.47. Following the completion of the sale, the chief operating officer now directly owns 934,260 shares in the company, valued at approximately $5,670,958.20. The disclosure for this sale can be found here. In the last three months, insiders sold 65,998 shares of company stock worth $410,173. Company insiders own 11.40% of the company’s stock.
LendingClub Corp Company Profile
LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors.
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